The major US indices are opening lower on the day led by the NASDAQ index which is down around -0.90%. Last week the NASDAQ rose by 4.32%.

He snapshot of the major indices three minutes into the opening is showing:

  • Dow Industrial Average -99.05 points or -0.29% at 33879.04
  • S&P index is down -25.27 points or -0.62% at 4045.30
  • NASDAQ index is down -114.09 points or -0.98% at 11507.62
  • Russell 2000 is down -16.39 points or -0.86% at 1895.06

This week Apple, Alphabet, Amazon, Merck, Bristol-Myers Squibb, Ford, GM, Starbucks, Caterpillar, AMD, Exxon, Pfizer all report earnings. The Federal Reserve announces their rate decision on Wednesday. On Friday the US jobs report will be released with expectations for the unemployment rate taking up to 3.6% from 3.5%. Nonfarm payrolls expected to rise by 193K versus 223K last month.

The Federal Reserve will meet on Tuesday and Wednesday and announcer rate decision at 2 PM on Wednesday with expectations for the Fed to raise the topside target rate to 4.75% from 4.5% currently.

Looking at the S&P, the high price from a Friday move toward a swing area between 4100 and 4119.28. The high price reached 4094.21 and found early sellers against that key swing area. It would take a move back above that area to increase the bullish bias going forward (see yellow area and read the red circles on the chart below).

S&P index